U.S. SEC announces asset freeze against those allegedly behind nearly $450 million Ponzi scheme
WASHINGTON (Reuters) – The U.S. Securities and Alternate Fee (SEC) on Friday introduced expenses and an asset freeze in opposition to a number of Las Vegas-area people and firms allegedly behind a virtually $450 million Ponzi scheme.
In a grievance filed in U.S. District Court docket in Las Vegas, the SEC mentioned legal professional Matthew Beasley, in addition to Jeffrey Judd and Christopher Humphries, falsely informed a whole bunch of buyers that they might earn 12.5% quarterly returns by making purportedly risk-free investments in J&J Consulting Providers.
“Beasley and Judd created the corporate to supposedly advance funds to tort plaintiffs who had reached settlements with insurance coverage corporations. However, in keeping with the grievance, not one of the $449 million raised from buyers over a five-year interval was used for this objective,” the SEC mentioned.
(Reporting by Kanishka Singh in Washington; modifying by Jonathan Oatis)
